Needham & Company Reiterates a 'Buy' on Texas Instruments (TXN); Indicates a Bottoming Likely Underway; Shares Reflect this News Near-Term
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Price: $279.58 +2.25%
Rating Summary:
24 Buy, 22 Hold, 5 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
Rating Summary:
24 Buy, 22 Hold, 5 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
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Needham & Company reiterates a 'Buy' on Texas Instruments (NYSE: TXN) price target lowered from $36 to $35.
Needham analyst says, "TI posted Q3 revenue that was above Street estimates but with EPS that came in lighter than expectations due to costs stemming from the acquisition of National Semi. Mgmt noted that while Q3 revenue came in ahead of expectations, it remained below the seasonal norms due to the underlying macroeconomic uncertainty. In the near-term TI expects macro driven weakness to permeate all of its major market segments but maintains a positive outlook on its core business, especially as the NSM portfolio begins to augment its Analog segment. This positive sentiment is also related to the mechanics of TI shipping less into the distribution channel than it is shipping out and that order declines are abating. We expect investors to use this positive sentiment on the channel – revenue tailwind on a restocking – to take money off the table as the shares were rising ahead and, in our view, reflective of this news. We adjusted our 2011 revenue/EPS from $13.8B/$2.25 to $13.8B/$1.95 and our 2012 revenue/EPS from $15.4B/$2.55 to $15B/$2.40."
For more ratings news on Texas Instruments click here and for the rating history of Texas Instruments click here.
Shares of Texas Instruments closed at $31.69 yesterday.
Needham analyst says, "TI posted Q3 revenue that was above Street estimates but with EPS that came in lighter than expectations due to costs stemming from the acquisition of National Semi. Mgmt noted that while Q3 revenue came in ahead of expectations, it remained below the seasonal norms due to the underlying macroeconomic uncertainty. In the near-term TI expects macro driven weakness to permeate all of its major market segments but maintains a positive outlook on its core business, especially as the NSM portfolio begins to augment its Analog segment. This positive sentiment is also related to the mechanics of TI shipping less into the distribution channel than it is shipping out and that order declines are abating. We expect investors to use this positive sentiment on the channel – revenue tailwind on a restocking – to take money off the table as the shares were rising ahead and, in our view, reflective of this news. We adjusted our 2011 revenue/EPS from $13.8B/$2.25 to $13.8B/$1.95 and our 2012 revenue/EPS from $15.4B/$2.55 to $15B/$2.40."
For more ratings news on Texas Instruments click here and for the rating history of Texas Instruments click here.
Shares of Texas Instruments closed at $31.69 yesterday.
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